‎No Evidence of Missing N210tn in NNPC Accounts, Ex-NAPIMS Boss Tells Senate

Former Group General Manager of the National Petroleum Investment Management Services (NAPIMS), Bala Wunti, has dismissed claims that N210 trillion was missing from the Nigerian National Petroleum Company (NNPC) Limited, telling the Senate Committee on Public Accounts that the company’s 2023 audited financial statements contain no evidence of such a loss.

Wunti made the clarification on Thursday while appearing before the Senate Committee, chaired by Senator Ibrahim Dankwambo (Gombe North), during its ongoing review of NNPC Limited’s 2023 audited accounts.

According to him, the widely publicised N210 trillion figure resulted from a misinterpretation of accounting records rather than evidence of missing money.

‎He explained that the amount was arrived at by incorrectly combining two separate balance sheet items—N107 trillion recorded as sundry receivables, representing funds owed to NNPC, and approximately N103 trillion listed as accrued expenses, representing the company’s liabilities.

‎”Receivables are money other people owe you, while accrued expenses are money you owe other people. Accounting standards require that these items be reported separately. They cannot simply be added together and described as missing money,” Wunti told the committee.

‎The former NAPIMS chief maintained that there was no basis for allegations that N210 trillion had disappeared from the company’s books, stressing that the audited financial statements contained no indication of missing funds.

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Although he noted that his tenure did not cover the entire period under review, Wunti said it fell substantially within the timeframe being examined, enabling him to provide clarity on the accounting issues before the lawmakers.

‎He further explained that NNPC’s financial reporting is more complex than that of a conventional commercial enterprise because the company functions as a commercial entity, manages petroleum assets on behalf of the federation, and performs strategic responsibilities aimed at safeguarding Nigeria’s energy security.

‎Wunti, who led NAPIMS from March 2020 before serving as Chief Offshore Investment Officer of NNPC Upstream Investment Management Services (NUIS) until December 2024, said there was no reported case of fraud or missing funds during his stewardship.

“There was no reported fraud or money missing throughout the period under my stewardship,” he stated.

He also refuted reports alleging that N5.8 billion was spent on incorporating NNPC following the implementation of the Petroleum Industry Act (PIA).

According to him, the actual statutory payments made to the Corporate Affairs Commission (CAC) and the Nigeria Revenue Service (NRS) for filing fees and stamp duties totalled about N2.45 billion.

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‎Wunti explained that the higher figure being circulated resulted from accounting entries recorded in separate books because one arm of the organisation executed the payment on behalf of government shareholders while another recorded the same transaction for statutory reporting purposes.

‎”The only money paid was about N2.45 billion, and it went directly to government institutions. No third party received any payment,” he said.

‎The former NAPIMS boss urged closer collaboration among NNPC Limited, the Office of the Accountant-General of the Federation and the Office of the Auditor-General of the Federation to improve understanding of the company’s accounting framework and ensure accurate interpretation of its financial records.

‎He also called for greater appreciation of the provisions of the Constitution, the Petroleum Industry Act and other relevant laws governing the operations of NNPC Limited.

Speaking during the hearing, Chairman of the Senate Committee, Senator Ibrahim Dankwambo, said the panel had not found evidence to support claims that funds were missing from NNPC’s accounts.

‎He noted that the committee’s ongoing review was aimed at promoting transparency and ensuring a proper understanding of the company’s audited financial statements, rather than validating allegations of missing funds.

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‎Dankwambo added that the committee would study Wunti’s written submission alongside the 2023 audited financial statements before deciding whether additional clarification would be required.

‎The committee subsequently adjourned proceedings to continue its review of the submissions amid sustained public interest in the Senate’s examination of NNPC Limited’s financial records.